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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ethereum Price Weekly Analysis – ETH/USD Back Bullish

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Weekly Analysis

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price after a couple of downside swing move towards the $47.50 level found support against the US Dollar.
  • There is a monster bullish trend line formed with support at $49.90 formed on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • On the upside, the pair needs to break the $52.80-53.00 resistance area for a sustained upside move.

Ethereum price is back in the bullish zone against the US Dollar, and currently ETH/USD is attempting a major upside break above $53.00.

Ethereum Price Resistance

This past week, we saw how ETH price declined heavily and moved down towards $47.50 against the US Dollar. Later, the price found support at $47.40, and started an upside move. There was a nice reversal, as the price moved above the 50% Fib retracement level of the last decline from the $52.41 high to $47.41 low. The most important point was no close below the 100 simple moving average (H4) at $47.10.

And, the downside move was protected near a monster bullish trend line formed with support at $49.90 formed on the 4-hours chart of ETH/USD. The price is currently trading above the 76.4% Fib retracement level of the last decline from the $52.41 high to $47.41 low. It may soon test the last swing high at $52.41. A break above it won’t be easy, as there is a crucial resistance near $52.80-53.00.

Ethereum Price Weekly Analysis

The stated resistance acted as barrier on many occasions, and prevented a move above $54.00. If there is a break, the price may test the 1.236 extension of the last decline from the $52.41 high to $47.41 low. As long as the price is above the highlighted trend line support at $49.90-75, there are chances of an upside break in the near term.

4-hours MACD – The MACD is currently well in the bullish zone.

4-hours RSI – The RSI is moving higher and well above the 50 level.

Major Support Level – $49.80

Major Resistance Level – $52.80

 

Charts courtesy – SimpleFX

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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